Globalisation Flashcards
What are the 3 different views on globalisation called?
- Sceptics
- Hyperglobalists
- Transformalists
Define globalisation
The growing interdependence of countries worldwide through increasing volumes of cross-boarder transactions in goods and services and interactional capital flow as well as through then the rapid and wide spread diffusion of technologies.
What are the Sceptics view on globalisation?
The believe that globalisation is overrated and not new. It is only different from the past due to intensity of transactions. It is not truly global as there be leading countries and inter trading (for example between Europe, Asia and the US.
They also believe that government is still key in regulating the economy
What are the Hyperglobalists views on globalisation?
They think that it is very real and can be felt everywhere. It is indifferent to national boarders and is creating new global boarders leading to a ‘boarderless world’. Market forces may be more important than governments. Governments not individual and individual country’s economies now part of world trade growth.
What are the Transformationalists views on globalisation?
They are in between sceptics and Hyperglobalists. They believe that globalisation is the ford that is currently shaping the major changes to society! they think that it is not just economical but cultural and political as well. The think that globalisation is dynamic and less susceptible to changes.
What are some of the benefits of globalisation?
- benefits associated with free trade
- allows countries to specialise in the fields it does best
- increased average income by around $7000
- increases the total number of goods worldwide and offers a higher variety of goods.
- global access to new ideas and technologies
- boots labour productivity growth (USA)
What are the negatives associated with globalisation?
- free trade can chase losses in some industry’s where company’s can’t compete with foreign investors
- more production over seas can lead to unemployment
- low demand for low skilled workers
- income inequality
- downward pressure on wages to increase profits
- exploitation of developing country’s workers
- loss of cultural and ethnic identity
What is the brief history of globalisation?
Why did the current period of globalisation start?
The phrase has been used in economics since 1981. The first period of globalisation was in the 19th century (internationalism).
Current period of globalisation restarted due to advance in technologies, trade liberalisation, increased numbers of NIC’s and the deregulation of money.
What is the KOF index used for?
How does it work?
The KOF index is used to measure a country’s level of globalisation.
It works by giving the highest global country a score of 100 and all other country’s are worked out using this as a scale. It looks at 3 different factors of globalisation. ECONOMIC(long distance flow of goods and restrictions to capita), POLITICAL (number of embassies and international organisations and the number of UN peace missions), and SOCIAL (personal contact, tourism, phones, media, information flows, cultural proximity and dominate of produces eg mcDonalds.
What is Walisteins model?
It is the core and periphery model of the new world. It’s the concept of a developed core surrounded by a developing/undeveloped periphery.
What is the economic core?
Consists of the most advanced country’s with hight levels of investment in infrastructure. Population generally enjoys the highest level of living standards.
What is e economic periphery?
Country with minimal levels of infrastructure and economic activity. Per capita the income is much lower.
What is a global city or hub?
A city that is judged to be of global importance in global economies.
What is colonialism?
Foreign power maintains political, social, economic and cultural dominance for and extended period of time.
What is Neocolonialiasm?
The continued dependence on more industrialised nations for materials and technical expertise by former colonies.